Rapport Semestriel Non Révisé Porgan Funds · 20F, 1, Songzhi Rd, Xinyi Dist Taipei City 110 Taïwan JPMorgan Asset Management (UK) Limited 60 Victoria Embankment London EC4Y 0JP

JPMorgan FundsSociété d’Investissement à Capital Variable, Luxembourg

Rapport Semestriel Non Révisé

31 décembre 2019

Rapport destiné aux investisseurs suisses

Certains des compartiments du Fonds ne sont pas autorisés à l’offre ou à la distribution en Suisse ou à partir de la Suisse. Par conséquent, aucune information relative à ces compartiments n’est mentionnée dans ce rapport semestriel. Toutefois, les investisseurs sont rendus attentifs au fait que certaines données contenues dans ce rapport semestriel sont exprimées sur une base consolidée et, de ce fait, comprennent aussi les données afférentes aux compartiments qui ne sont pas autorisés en Suisse.

CH-FR

JPMorgan FundsRapport semestriel non révisésAu 31 décembre 2019

Sommaire (suite)

Conseil d’administration 1Gestion et administration 2

Etats financiers non révisés et Informations statistiquesEtat combiné de l’Actif net 4Etat combiné des opérations et des variations de l’Actif net 24Etat des variations du nombre d’Actions 40Informations statistiques 67

Notes aux Etats financiers non révisés 97

Etat du portefeuille-titresCompartiments actionsJPMorgan Funds - Africa Equity Fund 109JPMorgan Funds - America Equity Fund 111JPMorgan Funds - ASEAN Equity Fund 113JPMorgan Funds - Asia Growth Fund 115JPMorgan Funds - Asia Pacific Equity Fund 117JPMorgan Funds - Brazil Equity Fund 119JPMorgan Funds - China Fund 120JPMorgan Funds - China A-Share Opportunities Fund 122JPMorgan Funds - Emerging Europe Equity Fund 125JPMorgan Funds - Emerging Markets Diversified Equity Fund 127JPMorgan Funds - Emerging Markets Dividend Fund 129JPMorgan Funds - Emerging Markets Equity Fund 132JPMorgan Funds - Emerging Markets Opportunities Fund 135JPMorgan Funds - Emerging Markets Small Cap Fund 138JPMorgan Funds - Emerging Markets Sustainable Equity Fund 141JPMorgan Funds - Emerging Middle East Equity Fund 143JPMorgan Funds - Euroland Dynamic Fund 144JPMorgan Funds - Euroland Equity Fund 146JPMorgan Funds - Europe Dynamic Fund 149JPMorgan Funds - Europe Dynamic Small Cap Fund 153JPMorgan Funds - Europe Dynamic Technologies Fund 155JPMorgan Funds - Europe Equity Absolute Alpha Fund 158JPMorgan Funds - Europe Equity Fund 162JPMorgan Funds - Europe Equity Plus Fund 165JPMorgan Funds - Europe Small Cap Fund 169JPMorgan Funds - Europe Strategic Growth Fund 173JPMorgan Funds - Europe Strategic Value Fund 177JPMorgan Funds - Europe Sustainable Equity Fund 181JPMorgan Funds - Europe Sustainable Small Cap Equity Fund 184JPMorgan Funds - Global Emerging Markets Research Enhanced Index Equity Fund 186JPMorgan Funds - Global Equity Fund 189JPMorgan Funds - Global Equity Plus Fund 194JPMorgan Funds - Global Focus Fund 207JPMorgan Funds - Global Healthcare Fund 210JPMorgan Funds - Global Natural Resources Fund 213JPMorgan Funds - Global Real Estate Securities Fund (USD) 215JPMorgan Funds - Global Research Enhanced Index Equity Fund 218JPMorgan Funds - Global Socially Responsible Fund 226JPMorgan Funds - Global Sustainable Equity Fund 229JPMorgan Funds - Global Unconstrained Equity Fund 233JPMorgan Funds - Greater China Fund 236JPMorgan Funds - India Fund 238JPMorgan Funds - Indonesia Equity Fund 239JPMorgan Funds - Japan Equity Fund 240JPMorgan Funds - Korea Equity Fund 243JPMorgan Funds - Latin America Equity Fund 245JPMorgan Funds - Pacific Equity Fund 246JPMorgan Funds - Russia Fund 247JPMorgan Funds - Taiwan Fund 248JPMorgan Funds - Thematics - Genetic Therapies 249JPMorgan Funds - US Equity All Cap Fund 253JPMorgan Funds - US Growth Fund 256JPMorgan Funds - US Hedged Equity Fund 258JPMorgan Funds - US Opportunistic Long-Short Equity Fund 261JPMorgan Funds - US Research Enhanced Index Equity Fund 264JPMorgan Funds - US Select Equity Plus Fund 267JPMorgan Funds - US Small Cap Growth Fund 271JPMorgan Funds - US Smaller Companies Fund 273JPMorgan Funds - US Technology Fund 276JPMorgan Funds - US Value Fund 278

Compartiments mixtesJPMorgan Funds - Asia Pacific Income Fund 281JPMorgan Funds - Total Emerging Markets Income Fund 288

Compartiments investis en titres convertiblesJPMorgan Funds - Global Convertibles Fund (EUR) 299

JPMorgan FundsRapport semestriel non révisésAu 31 décembre 2019

Sommaire (suite)

Compartiments obligatairesJPMorgan Funds - Aggregate Bond Fund 303JPMorgan Funds - Emerging Markets Aggregate Bond Fund 317JPMorgan Funds - Emerging Markets Corporate Bond Fund 330JPMorgan Funds - Emerging Markets Debt Fund 337JPMorgan Funds - Emerging Markets Investment Grade Bond Fund 347JPMorgan Funds - Emerging Markets Local Currency Debt Fund 354JPMorgan Funds - Emerging Markets Strategic Bond Fund 364JPMorgan Funds - EU Government Bond Fund 379JPMorgan Funds - Euro Aggregate Bond Fund 383JPMorgan Funds - Euro Corporate Bond Fund 388JPMorgan Funds - Euro Government Short Duration Bond Fund 394JPMorgan Funds - Europe High Yield Bond Fund 397JPMorgan Funds - Europe High Yield Short Duration Bond Fund 401JPMorgan Funds - Financials Bond Fund 404JPMorgan Funds - Flexible Credit Fund 410JPMorgan Funds - Global Aggregate Bond Fund 425JPMorgan Funds - Global Bond Opportunities Fund 437JPMorgan Funds - Global Bond Opportunities Sustainable Fund 461JPMorgan Funds - Global Corporate Bond Duration-Hedged Fund 478JPMorgan Funds - Global Corporate Bond Fund 487JPMorgan Funds - Global Government Bond Fund 500JPMorgan Funds - Global Government Short Duration Bond Fund 506JPMorgan Funds - Global Short Duration Bond Fund 509JPMorgan Funds - Global Strategic Bond Fund 518JPMorgan Funds - Income Fund 532JPMorgan Funds - Managed Reserves Fund 555JPMorgan Funds - Quantitative Flexible Bond Fund 562JPMorgan Funds - Sterling Bond Fund 568JPMorgan Funds - Sterling Managed Reserves Fund 572JPMorgan Funds - US Aggregate Bond Fund 575JPMorgan Funds - US High Yield Plus Bond Fund 601JPMorgan Funds - US Short Duration Bond Fund 609

Compartiments monétairesJPMorgan Funds - EUR Money Market VNAV Fund 619

Fonds de fondsJPMorgan Funds - Global Multi-Strategy Income Fund 621

Multi-Manager CompartimentsJPMorgan Funds - Multi-Manager Alternatives Fund 623

Autres CompartimentsJPMorgan Funds - Diversified Risk Fund 635JPMorgan Funds - Systematic Alpha Fund 644

Annexe - Informations supplémentaires non révisées1. Total des frais sur encours (Total Expense Ratios - TER) 6522. Résumé des Objectifs d’investissement des Compartiments 6863. Performances et volatilité 6934. Intérêts perçus/(prélevés) sur les Comptes bancaires 7245. Taux de la taxe d’abonnement appliqués aux Classes d’actions des Compartiments 7246. Ratio de rotation du portefeuille 7257. Méthode de calcul de l’exposition au risque 7278. Sûretés reçues 7309. Opérations de financement sur titres 73110. Informations sur la rémunération au titre des OPCVM 749

Pour des informations supplémentaires, veuillez consulter www.jpmorganassetmanagement.lu.

Aucune souscription ne peut être effectuée sur la seule base de ce rapport. Les souscriptions ne sont valables que si elles sont effectuées sur la base du prospectus actuel, des documents d’informationsclés pour l’investisseur actuels accompagnés du rapport annuel révisé le plus récent et du rapport semestriel non révisé si ce dernier a été publié ultérieurement.

Le dernier Prospectus, les Documents d’information clé pour l’investisseur en vigueur, le rapport semestriel non révisé ainsi que le rapport annuel révisé peuvent être obtenus gratuitement auprès dusiège social de la SICAV et des agents payeurs locaux.

Les coordonnées du/des Gestionnaire(s) financier(s) des Compartiments individuels seront désormais disponibles au sein du Prospectus auprès du siège social de la Société de gestion ou surwww.jpmorganassetmanagement.lu.

JPMorgan FundsConseil d’administration

Président

Iain O.S. SaundersDuine, ArdfernArgyll PA31 8QNRoyaume-Uni

Administrateurs

Jacques ElvingerElvinger Hoss Prussen, société anonyme2, place Winston ChurchillB.P. 425, L-2014 LuxembourgGrand-Duché de Luxembourg

Massimo GrecoJPMorgan Asset Management (UK) Limited60 Victoria EmbankmentLondon EC4Y 0JPRoyaume-Uni

John Li How CheongThe Directors’ Office19, rue de BitbourgL-1273 LuxembourgGrand-Duché de Luxembourg

Martin PorterThornhill, Hammerwood RoadAshurst Wood, SussexRH19 3SLRoyaume-Uni

Siège social

European Bank and Business Centre6, route de TrèvesL-2633 SenningerbergGrand-Duché de Luxembourg

Peter Thomas SchwichtHumboldtstraße 17D-60325 Frankfurt am MainAllemagne

Susanne van DootinghNekkedelle 6B-3090 OverijseBelgique

Daniel J. WatkinsJPMorgan Asset Management (Asia Pacific) LimitedLevel 21, Chater House8 Connaught Road, Central99077 Hong Kong

1

JPMorgan FundsGestion et administration

Société de gestion, Agent de Registre et de Transfert,Distributeur principal et Agent domiciliataire

JPMorgan Asset Management (Europe) S.à r.l.6, route de TrèvesL-2633 SenningerbergGrand-Duché de Luxembourg

Gestionnaires financiers

JPMorgan Asset Management (Asia Pacific) Limited(précédemment JF Asset Management Limited)21st Floor, Chater House8 Connaught Road CentralHong Kong

J.P. Morgan Alternative Asset Management, Inc.383 Madison AvenueNew York, NY 10179Etats-Unis d’Amérique

JPMorgan Asset Management (Singapore) Limited17th Floor, Capital Tower168, Robinson RoadSingapour 068912

JPMorgan Asset Management (Taiwan) Limited20F, 1, Songzhi Rd, Xinyi DistTaipei City 110Taïwan

JPMorgan Asset Management (UK) Limited60 Victoria EmbankmentLondon EC4Y 0JPRoyaume-Uni

J.P. Morgan Investment Management Inc.383 Madison AvenueNew York, NY 10179Etats-Unis d’Amérique

Dépositaire, Agent administratif, Agent d’entreprise et Agent decotation

J.P. Morgan Bank Luxembourg S.A.6, route de TrèvesL-2633 SenningerbergGrand-Duché de Luxembourg

Commissaire aux comptes

PricewaterhouseCoopers, Société coopérative2, rue Gerhard MercatorB.P. 1443, L-1014 LuxembourgGrand-Duché de Luxembourg

Conseillers juridiques au Luxembourg

Elvinger Hoss Prussen, société anonyme2, place Winston ChurchillB.P. 425, L-2014 LuxembourgGrand-Duché de Luxembourg

2

Cette page a été intentionnellement laissée vierge

3

JPMorgan FundsEtat combiné de l’Actif net

Au 31 décembre 2019

Combiné

USD

JPMorgan Funds -AfricaEquity

Fund

USD

ActifInvestissements dans des titres à prix coûtant 96.860.621.711 145.236.952Plus-value/(moins-values) latente 13.651.506.900 24.440.948

Portefeuilles-titres à leur valeur de marché 110.512.128.611 169.677.900Avoirs en banque et auprès des courtiers 1.938.211.836 296.504Dépôts à terme 105.083.239 -Montants à recevoir sur souscriptions 422.006.814 337.601Montants à recevoir sur vente d’investissements 129.877.497 -Montants à recevoir sur vente de valeurs à déclarer 53.878.162 -Dividendes à recevoir 69.900.006 23.363Intérêts à recevoir 390.177.933 -Récupération fiscale à recevoir 37.768.888 5.067Exemption de commission à recevoir * 2.865.241 20.853Contrats d’option achetés à la juste valeur 10.963.136 -Plus-values latentes sur contrats à terme 12.705.073 -Plus-values latentes sur les contrats de change à terme 625.850.570 -Contrats de swap à la juste valeur 180.467.848 -Autres actifs 14.117.734 863

Total de l’Actif 114.506.002.588 170.362.151

Passif

Positions courtes ouvertes sur valeurs à déclarer à la valeur du marché 53.591.318 -Découverts bancaires 776.179.931 -Dus aux courtiers 7.825.024 -Montants à payer sur rachats 393.808.690 261.122Montants à payer sur achats d’investissements 141.416.942 -Intérêts à payer 272.367 -Commission de distribution à payer 5.915.371 28.841Commission de gestion et de conseil à payer 69.828.596 196.124Commission de services à payer 9.215.407 13.986Commission de performance à payer 3.975.160 -Contrats d’option souscrits à la juste valeur 5.840.317 -Moins-values latentes sur contrats financiers à terme 19.685.322 -Moins-values latentes sur contrat de change à terme 345.117.431 -Contrats de swap à la juste valeur 262.497.190 -Autres passifs ** 74.924.259 47.662

Total du passif 2.170.093.325 547.735

Total de l’Actif net 112.335.909.263 169.814.416

* Veuillez consulter la note 4a), 4b), 4d) et 4e). Dans la mesure où les coûts d’exploitation réels dépasseraient le pourcentage plafonné, le montant pris en charge par la société de gestion fera l’objetd’une comptabilisation distincte et sera déclaré en tant qu’« Exemptions de commission » dans l’état combiné de l’Actif net et dans l’état combiné des opérations et des variations de l’Actif net.** Les autres charges sont en majeure partie constitués des jetons de présence, des frais et commissions liés à l’audit et à la fiscalité, ainsi que des frais d’enregistrement, de publication, d’envoi postal,d’impression, de marketing et juridiques.

Les notes font partie intégrante de ces Etats Financiers.

4

JPMorgan FundsEtat combiné de l’Actif net (suite)


JPMorgan Funds -America

EquityFund

USD

JPMorgan Funds -ASEANEquity

Fund

USD

JPMorgan Funds -Asia

GrowthFund

USD

JPMorgan Funds -Asia Pacific

EquityFund

USD

JPMorgan Funds -Brazil

EquityFund

USD

JPMorgan Funds -ChinaFund

USD

1.973.470.661 776.584.385 611.524.420 890.125.190 134.513.193 1.058.328.289511.279.420 61.729.974 93.042.770 226.853.383 45.361.018 389.648.352

2.484.750.081 838.314.359 704.567.190 1.116.978.573 179.874.211 1.447.976.6411.293.722 6.833.228 19.619.968 20.134.443 382.621 10.128.205

- - 15.000.000 9.200.000 - 4.300.0007.656.035 1.096.652 5.504.125 1.959.064 1.339.110 8.827.350

- 4.342.567 - - - 6.654.158- - - - - -

941.093 862.141 865.828 2.162.451 1.075.482 11.591- 49.480 - 101 4.776 -- - 28.595 - - -- 43.944 43.658 27.032 19.069 339- - - - - -- - - - - -

4.753.112 - - - - -- - - - - -

115.053 2.571 1.867 1.717 429 3.785

2.499.509.096 851.544.942 745.631.231 1.150.463.381 182.695.698 1.477.902.069

- - - - - -173 4.138.849 14.331.122 15.897.677 - 4.194.203

- - - - - -4.908.556 4.571.257 349.716 573.965 3.460.463 16.205.226

- - 4.859.204 4.520.588 - 8.168.828- - - - - 177

59.540 43.141 9.879 9.558 19.139 109.9291.938.742 690.572 532.778 829.017 206.400 1.774.672

209.544 71.959 57.869 93.091 14.755 121.219- - - - - -- - - - - -- - - - - -

290.505 - - - - -- - - - - -

223.388 97.111 2.100.552 3.183.295 37.830 237.748

7.630.448 9.612.889 22.241.120 25.107.191 3.738.587 30.812.002

2.491.878.648 841.932.053 723.390.111 1.125.356.190 178.957.111 1.447.090.067

5



JPMorgan Funds -China A-ShareOpportunities

Fund

CNH

JPMorgan Funds -Emerging Europe

EquityFund

EUR

JPMorgan Funds -Emerging MarketsDiversified Equity

Fund

USD

JPMorgan Funds -Emerging Markets

DividendFund

USD


EquityFund

USD


OpportunitiesFund

USD

1.960.440.542 474.434.765 73.198.717 477.475.979 6.123.666.134 3.434.344.165430.193.619 144.172.726 16.858.088 58.042.331 2.479.377.762 710.974.523

2.390.634.161 618.607.491 90.056.805 535.518.310 8.603.043.896 4.145.318.688701.958.938 621.450 285.451 1.693.840 4.419.702 14.132.752

- - - - - -43.653.166 574.765 13.360 242.945 11.278.820 5.880.6762.429.485 1.237.407 - - - -

- - - - - -- 3.613.622 402.171 839.722 8.758.591 13.754.306- - - 256 295 342- 638.534 36.073 - 216.572 -

323.166 23.325 47.741 42.523 94.759 99.924- - - - - -

107.302 - - - - 200.4758.468 - - 598.492 1.967.037 379.715

- - - - - -19.038 18.586 - 2.361 73.992 6.109

3.139.133.724 625.335.180 90.841.601 538.938.449 8.629.853.664 4.179.772.987

- - - - - -700.390.927 - - 162 - -

1.032 - - - - -5.055.617 7.230.142 1.728 1.162.187 3.034.199 6.684.329

16.249.721 - - - 34.666.698 -45.485 - - 110 - -

219.592 21.442 - 23.420 104.581 34.7102.138.004 536.523 14.216 314.523 4.385.533 2.155.076

188.655 51.706 7.765 44.264 634.978 340.404- - - - - -- - - - - -- - - - - -

186 - - 42.960 89.880 86.704- - - - - -

705.271 91.338 94.490 986.870 34.625.210 5.657.061

724.994.490 7.931.151 118.199 2.574.496 77.541.079 14.958.284

2.414.139.234 617.404.029 90.723.402 536.363.953 8.552.312.585 4.164.814.703

6




Small CapFund

USD

JPMorgan Funds -Emerging MarketsSustainable Equity

Fund (1)

USD

JPMorgan Funds -Emerging Middle East

EquityFund

USD

JPMorgan Funds -EurolandDynamic

Fund

EUR

JPMorgan Funds -Euroland

EquityFund

EUR

JPMorgan Funds -Europe

DynamicFund

EUR

1.328.342.645 36.611.219 98.030.619 217.826.204 829.632.759 685.873.232197.924.754 1.004.617 8.185.440 24.623.221 116.568.854 100.150.451

1.526.267.399 37.615.836 106.216.059 242.449.425 946.201.613 786.023.6835.930.250 310.384 236.979 394.936 687.344 2.710.445

- - - - - -1.636.828 - 492.678 73.195 699.014 1.201.826

- - - - - 1.817.596- - - - - -

984.520 28.328 - 10.718 195.855 332.608312 - - - - -

- - - 1.080.747 1.513.620 2.444.37545.051 16.680 29.636 14.004 3.311 7.686

- - - - - -120.313 - - - - -

- - - 838 18.284 310.148- - - - - -

2.717 - - - 1.087 9.166

1.534.987.390 37.971.228 106.975.352 244.023.863 949.320.128 794.857.533

- - - - - -- - - - 343 -- 181 - - - -

1.077.351 - 389.027 162.190 3.546.407 2.881.496- - - - - -- 655 3.117 268 311 725

52.626 - 8.675 24.213 40.717 27.9581.298.639 11.174 121.734 193.898 653.522 618.885

125.124 - 8.804 20.713 79.666 66.3921.786.782 - - - - -

- - - - - -- - - 2.025 43.000 161.364- - - 15.375 171.007 3.499.269- - - - - -

2.416.545 38.578 45.680 38.082 72.575 80.693

6.757.067 50.588 577.037 456.764 4.607.548 7.336.782

1.528.230.323 37.920.640 106.398.315 243.567.099 944.712.580 787.520.751

(1) Ce Compartiment a été lancé le 13 novembre 2019.

7



JPMorgan Funds -Europe Dynamic

Small CapFund

EUR


TechnologiesFund

EUR

JPMorgan Funds -Europe Equity

Absolute AlphaFund

EUR

JPMorgan Funds -EuropeEquity

Fund

EUR


Equity PlusFund

EUR


Small CapFund

EUR

516.579.099 469.295.756 78.114.936 549.876.833 1.876.698.497 576.077.695118.408.863 99.139.691 14.472.998 95.582.637 423.294.936 101.266.316634.987.962 568.435.447 92.587.934 645.459.470 2.299.993.433 677.344.011

239.763 825.254 7.193.555 2.515.987 7.353.717 1.245.132- - - - - -

1.339.206 6.108.395 212.974 677.024 8.938.780 1.099.296473.781 2.646.304 480.155 - 1.176.858 146.657

- - - - - -608.882 92.771 37.708 451.475 687.443 715.541

- - - - - -810.607 838.059 888.841 1.225.538 9.294.627 1.699.566

1.160 - 15.570 - - -- - - - - -- - - - 701.881 -- 32.610 65.424 32.112 5.717.570 8.915- - 1.148.165 - 134.595.787 -- 14.077 602 383 5.800 3.890

638.461.361 578.992.917 102.630.928 650.361.989 2.468.465.896 682.263.008

- - - - - -- - 698 - 14.651 195.689- - - - 38.883 -

1.656.477 4.018.740 600.230 494.675 13.857.251 2.187.507303.073 - - - - 1.195.808

622 595 3.737 570 - 1.00629.605 78.794 7.029 35.540 174.406 50.079

503.288 648.050 92.110 410.242 2.145.302 702.05153.330 47.546 8.313 54.001 199.060 58.874

- - 391.896 - - -- - - - - -- 7.920 - 61.733 - -- 453.593 651.023 584.636 9.223.849 138.105- - 3.373.548 - 121.076.548 -

40.053 96.725 24.538 53.291 114.420 54.537

2.586.448 5.351.963 5.153.122 1.694.688 146.844.370 4.583.656

635.874.913 573.640.954 97.477.806 648.667.301 2.321.621.526 677.679.352

8




Strategic GrowthFund

EUR


Strategic ValueFund

EUR


Sustainable EquityFund

EUR

JPMorgan Funds -Europe Sustainable

Small Cap EquityFund (2)

EUR

JPMorgan Funds -GlobalEquity

Fund

USD

JPMorgan Funds -Global Emerging Markets

Research EnhancedIndex Equity Fund

USD

903.909.177 1.624.035.991 237.301.930 141.882.090 209.854.138 35.784.974199.651.667 191.797.870 36.494.859 4.541.177 45.266.530 3.674.206

1.103.560.844 1.815.833.861 273.796.789 146.423.267 255.120.668 39.459.1803.947.485 1.983.449 584.860 50.984 287.892 184.434

- - - - - -866.637 1.533.411 169.059 - 14.477 -183.438 - - 19.140 - 19.108

- - - - - -240.613 2.793.615 115.181 74.399 178.442 117.013

- - - - - -1.255.307 4.350.662 273.403 174 436.557 2.556

- - 2.797 - 7.061 -- - - - - -- - - - 290 -- 4.180 - - 762.751 -- - - - - -- - - - 66.138 9.086

1.110.054.324 1.826.499.178 274.942.089 146.567.964 256.874.276 39.791.377

- - - - - -- - - - - -- - - - 5.107 -

1.811.225 11.078.827 349 - 677.347 -- - - - - -

845 803 335 355 169 -68.420 19.881 501 - 13.228 -

1.003.885 1.660.267 37.335 50.341 158.841 28.14992.329 154.480 23.086 - 21.678 1.778

- - - - - -- - - - - -

257.976 113.691 27.130 - 1.331 -- 9.155 - - 363.162 -- - - - - -

49.110 76.624 15.528 957 44.149 -

3.283.790 13.113.728 104.264 51.653 1.285.012 29.927

1.106.770.534 1.813.385.450 274.837.825 146.516.311 255.589.264 39.761.450

(2) Ce Compartiment a été lancé le 6 décembre 2019.

9



JPMorgan Funds -Global

Equity PlusFund

USD

JPMorgan Funds -GlobalFocusFund

EUR


HealthcareFund

USD


Natural ResourcesFund

EUR

JPMorgan Funds -Global Real Estate

SecuritiesFund (USD)

USD

JPMorgan Funds -Global Research Enhanced

Index EquityFund

EUR

23.164.652 1.374.455.546 1.971.980.574 652.773.761 82.901.251 284.152.1233.629.670 247.293.146 588.550.528 100.939.444 10.202.859 71.527.777

26.794.322 1.621.748.692 2.560.531.102 753.713.205 93.104.110 355.679.900157.662 71.282 131.331 3.655.869 85.618 9.685.311

- - - - - -- 3.589.701 5.100.570 9.469.360 290.829 471.004- - - 72.179 - 775.162- - - - - -

20.168 511.498 515.477 953.535 322.003 274.367- 797 - - - -

3.521 2.288.524 923.097 515.011 20.319 166.28024.364 - - - 10.506 22.372

- - - - - -- - - - - 420

96.501 5.561.850 7.757.247 - 1.002.190 626.462166.020 - - - - -

- 1.264 8.642 28.255 97.399 30.764

27.262.558 1.633.773.608 2.574.967.466 768.407.414 94.932.974 367.732.042

- - - - - -- - - - - -- - - - - 5.773- 2.148.062 5.522.374 3.600.266 39.352 198.533

228 - 616.452 5.510.880 - 741.120- - - 765 - 3.818

55 125.580 268.448 44.688 6.145 -20.785 1.493.318 2.369.314 846.615 48.614 29.6292.244 137.319 214.772 62.519 7.928 15.393

- - - - - -- - - - - -- - - - - 11.151

164.773 2.470.314 4.864.525 - 507.687 95.151186.255 - - - - -27.083 368.402 221.159 99.042 26.789 60.403

401.423 6.742.995 14.077.044 10.164.775 636.515 1.160.971

26.861.135 1.627.030.613 2.560.890.422 758.242.639 94.296.459 366.571.071

10




Socially ResponsibleFund

USD



USD


Unconstrained EquityFund

USD

JPMorgan Funds -Greater

ChinaFund

USD

JPMorgan Funds -IndiaFund

USD

JPMorgan Funds -Indonesia

EquityFund

USD

73.286.486 24.473.002 341.475.055 476.827.498 408.912.557 21.641.43220.797.519 3.866.104 89.371.514 188.902.363 252.142.568 1.576.015

94.084.005 28.339.106 430.846.569 665.729.861 661.055.125 23.217.447156.573 106.497 161.907 18.979.978 2.944.135 325.845

- - - - 33.400.000 -47.891 - 266.617 4.689.121 717.840 754.902

- - - 1.305.151 1.673.980 75.857- - - - - -

20.113 13.215 309.440 411.961 - -- - - - - -

15.277 5.730 46.024 - - -4.404 4.549 7.025 3.604 20.772 6.840

- - - - - -- 73 - - - -

105.889 - 1.895.672 - - -- - - - - -- - - 2.966 861 140

94.434.152 28.469.170 433.533.254 691.122.642 699.812.713 24.381.031

- - - - - -- - - 15.294.626 649.538 -- 919 - - - -

23.207 - 254.021 7.582.567 2.222.816 40.074- - - 2.109.218 1.392.137 146.858- - - - - -

15.490 - 8.277 75.249 110.445 2.33546.552 13.117 260.313 712.155 790.749 10.922

7.801 2.381 35.890 54.935 58.660 1.976- - - - - -- - - - - -- 101 - - - -

33.954 - 742.462 - - -- - - - - -

12.926 6.917 145.337 101.469 1.879.088 8.366

139.930 23.435 1.446.300 25.930.219 7.103.433 210.531

94.294.222 28.445.735 432.086.954 665.192.423 692.709.280 24.170.500

11



JPMorgan Funds -JapanEquity

Fund

JPY

JPMorgan Funds -KoreaEquity

Fund

USD

JPMorgan Funds -Latin America

EquityFund

USD

JPMorgan Funds -PacificEquity

Fund

USD

JPMorgan Funds -Russia

Fund

USD

JPMorgan Funds -Taiwan

Fund

USD

420.571.266.350 187.577.525 475.880.547 817.219.938 372.612.891 95.923.324120.031.583.850 (517.394) 171.424.732 225.880.750 79.987.404 23.899.614

540.602.850.200 187.060.131 647.305.279 1.043.100.688 452.600.295 119.822.9385.166.776.164 1.649.942 401.906 17.007.514 895.180 1.986.202

- - - - - -932.105.005 522.878 2.720.919 4.422.846 2.454.311 258.663

3.982.391.146 371.017 - 1.991.588 2.265.185 -- - - - - -

521.869.786 2.128.400 2.721.275 1.085.937 2.801.921 75.9211.096 - 12.621 - 110 -

- - 2.517 - - -- 28.456 46.187 - 11.743 7.740- - - - - -- - - - - -

200.051.112 154 - - - -- - - - - -

161.054.756 886 164 12.052 236 472

551.567.099.265 191.761.864 653.210.868 1.067.620.625 461.028.981 122.151.936

- - - - - -- - - 10.513.154 - -- - - - - -

3.468.834.193 458.923 1.955.829 2.698.544 7.036.650 301.4411.753.292.776 1.841.549 - - - -

1.628.327 691 - 272 - -3.472.136 6.455 18.568 59.153 42.223 3.579

356.970.539 144.178 520.654 1.135.031 472.382 120.14546.155.808 15.187 52.932 86.353 38.159 10.225

- - - - - -- - - - - -- - - - - -

216.078.700 - - - - -- - - - - -

29.254.216 42.220 92.087 1.187.432 75.877 23.163

5.875.686.695 2.509.203 2.640.070 15.679.939 7.665.291 458.553

545.691.412.570 189.252.661 650.570.798 1.051.940.686 453.363.690 121.693.383

12



JPMorgan Funds -Thematics -

GeneticTherapies (3)

USD

JPMorgan Funds -US Equity

All CapFund

USD

JPMorgan Funds -US

GrowthFund

USD

JPMorgan Funds -US

Hedged EquityFund

USD

JPMorgan Funds -US Opportunistic

Long-Short EquityFund

USD

JPMorgan Funds -US Research Enhanced

Index EquityFund

USD

123.975.196 1.674.599.226 378.887.898 92.350.917 263.182.111 26.874.3972.226.971 459.541.198 113.462.502 11.984.740 22.864.821 5.361.163

126.202.167 2.134.140.424 492.350.400 104.335.657 286.046.932 32.235.560359.776 1.114.194 1.267.367 920.191 88.690.866 78.212

- - - - - -5.330.976 1.241.453 3.590.968 9.900 651.304 238.023

11.378 - 59.709 215.648 - 62.301- - - - - -

1.268 707.832 39.568 65.575 118.025 21.410- - - - 2.174 -- - - - - -

10.461 - 573 3.750 12.454 3.913- - - - - -- - - 62.406 - -

707.284 8.158.056 2.118.357 43.101 4.090.986 334.897- - - - 185.683 -

13.820 210.704 87.159 1.124 32.027 19.525

132.637.130 2.145.572.663 499.514.101 105.657.352 379.830.451 32.993.841

- - - - - -596.311 - 207 304 - -

- - - 21.317 - 3.95126.573 141.945 2.740.306 - 387.800 40.354

4.386.363 - 42.942 5.251.521 - 781.8285.166 - - - - -

- - 42.438 - 8.493 -34.061 792.110 416.143 50.408 190.200 5.002

- 176.644 40.917 8.245 31.963 1.318- - - - 1.436 -- - - - - -- - - - 195.313 300

63.407 386.349 129.397 1.322 176.159 29.971- - - - - -

28.898 178.578 62.382 15.294 1.570.641 6.291

5.140.779 1.675.626 3.474.732 5.348.411 2.562.005 869.015

127.496.351 2.143.897.037 496.039.369 100.308.941 377.268.446 32.124.826

(3) Ce Compartiment a été lancé le 24 octobre 2019.

13



JPMorgan Funds -US Select

Equity PlusFund

USD

JPMorgan Funds -US Small Cap

GrowthFund

USD

JPMorgan Funds -US

Smaller CompaniesFund

USD

JPMorgan Funds -US

TechnologyFund

USD

JPMorgan Funds -US

ValueFund

USD


IncomeFund

USD

2.445.614.561 372.772.887 651.711.909 1.181.138.333 1.812.567.670 2.080.033.561648.830.731 48.773.245 214.077.025 293.637.386 502.769.507 83.775.444

3.094.445.292 421.546.132 865.788.934 1.474.775.719 2.315.337.177 2.163.809.005449.917 1.063.570 26.786.245 75.313 537 53.072.170

- - - - - -2.883.552 541.807 1.882.444 12.644.191 5.051.153 3.388.275

- - - - 28.549.406 -- - - - - -

1.538.014 112.573 605.363 264.395 2.650.738 3.567.007- - 2.429 - - 12.133.875- - - - - -- - - - - 5.272- - - - - -

54.563 - - - - -9.416.090 - 175.470 - 3.786.487 14.206.743

- - - - - -234.869 805 4.545 8.723 106.806 25.129

3.109.022.297 423.264.887 895.245.430 1.487.768.341 2.355.482.304 2.250.207.476

- - - - - -186.000 - - 1.651.868 112.505 43.991.608

- - - - - -2.931.203 656.923 1.524.743 16.557.452 42.636.230 10.551.197

- - - - - -340 - - 334 - -

82.420 19.111 11.437 162.787 44.766 27.3621.823.166 360.954 683.812 1.614.033 1.523.703 2.652.637

260.552 35.221 74.474 123.168 194.827 184.526- - - - - -- - - - - -- - - - - -

591.105 - 8.266 4 186.946 500.0653.111.967 - - - - -284.466 38.245 67.608 150.720 183.194 1.504.612

9.271.219 1.110.454 2.370.340 20.260.366 44.882.171 59.412.007

3.099.751.078 422.154.433 892.875.090 1.467.507.975 2.310.600.133 2.190.795.469

14



JPMorgan Funds -Total Emerging

Markets IncomeFund

USD


ConvertiblesFund (EUR)

EUR

JPMorgan Funds -Aggregate

BondFund

USD


Aggregate BondFund

USD


Corporate BondFund

USD


DebtFund

USD

338.319.801 996.593.516 2.918.402.306 747.714.277 2.049.581.123 2.906.858.09121.076.736 128.987.784 72.133.793 17.749.704 12.758.666 86.364.689

359.396.537 1.125.581.300 2.990.536.099 765.463.981 2.062.339.789 2.993.222.78012.809.506 115.345 33.790.201 26.053.340 9.217.063 13.048.461

- - - - - -1.366.715 785.628 3.577.430 - 2.668.333 19.545.252

- 9.056.632 - - - 1.476.324- - 51.509.412 - - -

303.099 - - - - -1.910.370 2.068.999 19.237.664 9.575.923 24.924.111 39.304.995

25.427 236.706 78.654 - - -33.943 - 134.795 49.979 - 28.887

- - - - - -- - 2.255.975 62.811 388.142 -

1.587.588 19.423.871 48.019.100 18.801.129 18.375.996 38.506.819- - - - - -

33.904 - 390.501 24.343 388.308 698.842

377.467.089 1.157.268.481 3.149.529.831 820.031.506 2.118.301.742 3.105.832.360

- - 51.248.473 - - -- - - 23.977.811 - 39.187- - 324.194 - - -

466.954 2.783.459 13.774.706 - 4.518.998 6.840.669- - - - - -

250 897 2.197 - 156 4.955114.509 27.406 5.244 - 72.457 37.497361.695 928.975 520.538 19.110 1.106.818 1.627.41830.404 97.285 257.823 65.685 177.430 252.197

- - - - - -- - - - - -- - 4.672.314 9.894 36.998 -

1.363.459 6.504.389 54.756.314 1.549.018 664.574 12.531.582- - - 719.189 - -

349.829 101.069 351.847 106.280 776.611 1.269.355

2.687.100 10.443.480 125.913.650 26.446.987 7.354.042 22.602.860

374.779.989 1.146.825.001 3.023.616.181 793.584.519 2.110.947.700 3.083.229.500

15



JPMorgan Funds -Emerging MarketsInvestment Grade

Bond Fund

USD


Local CurrencyDebt Fund

USD


Strategic BondFund

USD

JPMorgan Funds -EU Government

BondFund

EUR

JPMorgan Funds -Euro Aggregate

BondFund

EUR

JPMorgan Funds -Euro Corporate

BondFund

EUR

591.208.221 2.142.297.964 1.016.248.086 1.195.019.757 29.177.896 135.497.74825.153.182 (587.163) 23.904.963 33.964.255 672.977 2.413.488

616.361.403 2.141.710.801 1.040.153.049 1.228.984.012 29.850.873 137.911.236242.489 46.744.266 41.745.388 10.355.532 1.404.613 1.220.919

- - - - - -937.612 4.695.194 428.784 3.674.752 66.932 66.492

- - 316.483 - - -- - - - - -- - - - - -

6.383.161 33.533.472 16.428.474 7.170.558 235.128 1.259.773- 2.392.420 240.021 - - -

25.599 151.362 31.817 51.643 4.333 8.465- 4.007.468 1.853.187 - - -

90.504 - - 96.705 22.085 608.718.061 64.010.664 35.297.727 - - -

- 9.493.545 1.032.905 - - -202.089 768.452 1.131.851 - - -

632.960.918 2.307.507.644 1.138.659.686 1.250.333.202 31.583.964 140.466.945

- - - - - -642 10.871.506 16.474.018 - - -

17.734 2.802.547 472.618 - - -351.353 3.236.946 465.373 4.614.446 2.681 67.606

- - - - - -- 684 439 3.721 622 253

1.394 121.888 194.319 18.982 3.301 18.323191.053 1.042.813 611.488 277.802 18.050 56.13850.649 183.362 92.058 106.094 2.670 11.891

- - 1.537.571 - - -- 2.953.908 773.022 - - -

27.789 - - 1.377.784 10.930 4.618532.704 56.695.194 20.086.880 - - -

- 10.918.224 4.631.391 - - -324.255 1.272.721 672.234 86.826 6.049 13.963

1.497.573 90.099.793 46.011.411 6.485.655 44.303 172.792

631.463.345 2.217.407.851 1.092.648.275 1.243.847.547 31.539.661 140.294.153

16



JPMorgan Funds -Euro Government

Short DurationBond Fund

EUR

JPMorgan Funds -Europe High Yield

BondFund

EUR



EUR

JPMorgan Funds -Financials

BondFund

EUR

JPMorgan Funds -Flexible

CreditFund

USD


Aggregate BondFund

USD

262.794.226 564.606.782 149.641.495 317.799.667 494.595.495 325.041.531(1.068.710) 19.082.378 (1.302.286) 22.965.913 14.050.584 7.445.927261.725.516 583.689.160 148.339.209 340.765.580 508.646.079 332.487.458

5.043.715 671.745 29.830 1.266.198 27.280.361 5.325.438- - - - - -

1.593.677 594.756 293.862 182.529 496.240 16.756- - - - - -- - - - - 2.368.750- - - - - -

1.096.858 8.171.943 2.530.157 3.802.996 5.223.164 1.975.387- - - - - 4.552

18.075 27.302 10.565 8.676 24.579 23.500- - - - 74.488 -

81.060 - - 142.541 59.007 224.093- 179.272 4.387 4.209.058 9.647.163 3.265.401- - - - 249.288 -- 47.976 8.510 248.555 323.998 7.526

269.558.901 593.382.154 151.216.520 350.626.133 552.024.367 345.698.861

- - - - - 2.342.845172 - - - 1.213 -

- - - 2.560 59.761 -144.297 545.633 262.235 420.589 450.188 18.810

- - - - - -1.853 1.009 275 405 328 9161.180 107.739 23.628 109.397 147.613 3.078

62.140 279.943 53.876 237.390 331.786 18.76622.318 50.219 12.811 29.731 45.279 28.688

- - - - - -- - - - 38.464 -

39.048 - - 42.232 257.026 539.049- 155.971 36.136 537.280 2.689.540 3.786.643- - - - 1.200.046 -

24.054 61.877 16.222 38.381 378.180 31.027

295.062 1.202.391 405.183 1.417.965 5.599.424 6.769.822

269.263.839 592.179.763 150.811.337 349.208.168 546.424.943 338.929.039

17



JPMorgan Funds -Global Bond

OpportunitiesFund

USD


OpportunitiesSustainable Fund (4)

USD


Corporate BondDuration-Hedged Fund

USD


Corporate BondFund

USD


Government BondFund

EUR

JPMorgan Funds -Global Government


EUR

5.342.040.019 384.667.089 109.085.825 5.010.403.164 1.397.616.681 104.485.46062.038.808 4.231.805 3.285.866 171.400.382 32.318.463 430.306

5.404.078.827 388.898.894 112.371.691 5.181.803.546 1.429.935.144 104.915.766282.317.923 11.201.173 2.602.564 51.676.000 17.992.412 1.905.119

- - - - - -22.268.274 - 259.127 13.195.280 7.884.466 356.758

- 2.262.924 - - 190.322 -- - - - - -- - - - - -

56.559.370 3.511.698 961.643 42.281.562 6.361.915 366.950- - - - - -

134.342 - 13.083 181.322 57.747 11.025- - - - - -

2.509.198 133.948 110.670 740.819 740.198 36.86179.573.452 10.590.794 872.280 66.526.913 10.870.035 667.815

467.692 32.738 - - - -1.991.900 49.067 59.427 2.454.076 391.629 22.068

5.849.900.978 416.681.236 117.250.485 5.358.859.518 1.474.423.868 108.282.362

- - - - - -106.376.170 5.036.299 731.124 25.346.957 47.614 -

503.755 - - 45.529 - 2.90813.038.608 - 16.763 16.880.881 440.275 125.644

- 11.608.711 - - - -2.013 590 - 1.598 5.613 557

893.522 - 2.051 209.778 7.678 4223.524.321 195.958 46.275 1.872.694 252.446 25.450

422.207 - 10.181 444.391 127.030 8.986- - - - - -- - - - - -

1.997.498 9.895 53.550 1.174.432 1.725.858 10.68863.549.590 5.080.407 929.763 34.368.858 11.080.196 275.66749.103.140 2.255.953 58.407 2.061.005 532.706 -2.679.890 217.996 31.422 2.307.874 102.265 15.020

242.090.714 24.405.809 1.879.536 84.713.997 14.321.681 465.342

5.607.810.264 392.275.427 115.370.949 5.274.145.521 1.460.102.187 107.817.020


18





USD


Strategic BondFund

USD

JPMorgan Funds -Income

Fund

USD

JPMorgan Funds -ManagedReserves

Fund

USD

628.027.337 1.400.563.349 2.091.319.634 3.875.615.0844.902.470 20.837.401 23.814.039 13.045.543

632.929.807 1.421.400.750 2.115.133.673 3.888.660.6277.345.340 60.469.912 67.504.657 -

- - - -1.488.647 7.236.370 57.145.686 70.604.4353.168.211 50.300 150.146 -

- - - -- - - -

4.134.111 8.466.272 18.880.823 16.973.775- - - -

41.366 70.461 110.229 301.134- - 1.517.031 -

195.878 972.786 1.110.385 -10.820.908 27.708.000 14.871.236 5.748.326

- 563.762 885.923 -173.072 394.432 405.464 402.849

660.297.340 1.527.333.045 2.277.715.253 3.982.691.146

- - - -- 21.974.810 5.856.044 10.323.187

1.157 285.826 - -4.826.939 1.569.193 4.206.239 45.022.883

- 6.350.612 21.165.391 -895 324 970 -

3.716 163.888 229.359 -191.367 971.526 1.645.873 715.09355.809 124.223 175.921 341.779

- 209.635 - -- - 319.375 -

134.479 1.407.114 2.607.137 -7.946.689 9.621.196 495.143 1.156.650

- - 20.491.417 -149.572 1.027.952 437.337 380.487

13.310.623 43.706.299 57.630.206 57.940.079

646.986.717 1.483.626.746 2.220.085.047 3.924.751.067

19



JPMorgan Funds -Quantitative

Flexible BondFund

USD

JPMorgan Funds -Sterling

BondFund

GBP


Managed ReservesFund

GBP

JPMorgan Funds -US

Aggregate BondFund

USD

JPMorgan Funds -US High Yield

Plus BondFund

USD

JPMorgan Funds -US Short Duration

BondFund

USD

26.037.162 51.426.721 56.057.919 3.586.388.333 160.141.696 761.741.377633.496 3.921.619 (412.111) 136.698.390 (1.446.672) 4.259.886

26.670.658 55.348.340 55.645.808 3.723.086.723 158.695.024 766.001.2633.899.651 954.511 69.419 4.875.336 34.558 268.8241.500.000 - - - - -

- 342.412 - 11.728.466 1.010.752 2.144.885- - - 2.307.941 - -- - - - - -- - - - - -

201.226 930.619 372.400 17.576.122 2.412.497 3.381.391- - - - - -

12.484 5.099 6.397 121.254 19.374 39.387- - - - - -

79.600 887 - - - 81.3991.750.712 27.944 43.628 18.159.641 1.408.169 2.226.392223.035 190.426 - - - -

14.077 - - 473.694 36.742 58.920

34.351.443 57.800.238 56.137.652 3.778.329.177 163.617.116 774.202.461

- - - - - -1.652.840 - - - - -

168.186 48.988 - - - -- 21.223 - 15.098.432 2.808 265.170- - - - - -- - - 204 - -- 9.671 - 109.641 13.123 19.696- 43.877 8.772 1.733.311 78.334 227.529

2.593 4.924 4.810 319.499 13.666 65.382- - - - - -- - - - - -- 21.960 - - - -

1.869.585 - - 715.462 44.477 74.632- 159.060 - - - -

27.055 16.112 4.783 494.528 42.118 92.931

3.720.259 325.815 18.365 18.471.077 194.526 745.340

30.631.184 57.474.423 56.119.287 3.759.858.100 163.422.590 773.457.121

20



JPMorgan Funds -EUR

Money MarketVNAV Fund

EUR


Multi-StrategyIncome Fund

EUR

JPMorgan Funds -Multi-Manager

AlternativesFund

USD

JPMorgan Funds -Diversified

RiskFund

USD

JPMorgan Funds -Systematic

AlphaFund

EUR

136.222.738 676.137.027 912.616.490 315.175.614 269.709.18813.838 129.706.073 20.243.034 15.014.556 17.154.601

136.236.576 805.843.100 932.859.524 330.190.170 286.863.78986.537 6.635.476 178.222.989 43.974.789 312.137.442

31.000.000 - - 3.200.000 3.297.565840.616 822.195 1.981.821 594.648 357.938

- - 6.552.767 79.711 7.485.196- - - - -- - 154.852 210.201 147.896

10.085 - 1.709.739 1.177.011 77.131- - 3.986 551 140.904- - 87.168 38.736 39.369- - 3.510.962 - -- 76.532 904.221 119.695 53.715- 2.298.068 11.067.309 3.566.804 3.690.497- - 2.710.930 1.659.449 6.443.428

37.618 - 11.237 3.148 1.983

168.211.432 815.675.371 1.139.777.505 384.814.913 620.736.853

- - - - -- - 5.052.620 21.433.534 275.061.504- - 1.019.502 209.752 14.595

1.073.219 890.022 1.274.474 315.927 321.2003.203.549 - 1.424.414 - 1.174.858

1.382 2.116 177.216 734 6.661- 559.895 1.278 3.219 12

43.847 1.036.894 496.624 9.223 131.98114.006 68.458 92.802 29.099 30.205

- - - - -- - 1.755.548 - -- 3.166 1.372.031 329.402 310.486- 3.373.672 1.006.923 2.832.685 4.801.269- - 5.062.299 14.738.634 6.696.168- 58.553 1.046.219 57.027 61.431

4.336.003 5.992.776 19.781.950 39.959.236 288.610.370

163.875.429 809.682.595 1.119.995.555 344.855.677 332.126.483

21


22


23

JPMorgan FundsEtat combiné des opérations et des variations de l’Actif net

Pour la période du 1er juillet 2019 au 31 décembre 2019

Combiné

USD

JPMorgan Funds -AfricaEquity

Fund

USD

Actif net à l’ouverture de la période * 104.770.847.147 170.909.797

RevenusRevenus de dividendes, nets de retenues à la source 506.943.922 1.816.324Revenus d’intérêts, nets de retenues à la source 785.870.554 -Intérêts sur contrats de swap 3.678.843 -Revenus de prêts de titres 10.142.297 11.001Intérêts bancaires 2.194.990 2.220Autres revenus 69.185 -

Total des revenus 1.308.899.791 1.829.545

ChargesCommission de gestion et de conseil 402.969.289 1.177.789Commission de services 52.681.133 82.714Commission de distribution 33.865.494 170.800Commission d’agent dépositaire, d’agent d’entreprise, d’agent administratif et d’agent domiciliataire 32.527.195 191.607Intérêts sur contrats de swap 25.503.887 -Taxe d’abonnement 17.747.148 40.079Commission de l’Agent de registre et de transfert 6.637.914 63.245Commission de performance 3.975.253 -Frais bancaires et autres dépenses d’intérêt 1.211.928 -Autres charges ** 9.959.950 34.894Moins : exemptions de commission *** (22.825.867) (175.356)

Total des charges 564.253.324 1.585.772

Plus/(moins)-values nettes sur investissements 744.646.467 243.773

Plus/(moins)-values nettes réalisées sur:Vente d’investissements 1.446.875.531 (8.179.285)Contrats à déclarer 1.130.823 -Contrats d’options (5.194.402) -Contrats financiers à terme (futures) (2.899.954) -Contrats de change à terme (327.271.492) (64.218)Contrats de swap (8.341.371) -Change (4.198.222) 15.030

Plus/(moins)-values nettes réalisées au cours de la période 1.116.783.655 (8.228.473)

Variation nette de l’appréciation/(dépréciation) latente sur :Investissements 4.095.998.544 10.665.082Contrats à déclarer (112.826) -Contrats d’options (4.786.652) -Contrats financiers à terme (futures) 1.282.344 -Contrats de change à terme 28.517.315 -Contrats de swap (113.726.936) -Change 2.934.752 35.248

Variation nette de l’appréciation/(dépréciation) latente sur la période 4.010.106.541 10.700.330

Augmentation/(diminution) de l’Actif net liée aux opérations 5.871.536.663 2.715.630

Souscriptions 29.103.882.908 16.396.456Rachats (26.960.925.378) (20.001.500)

Augmentation/(diminution) de l’Actif net liée aux variations du capital 2.142.957.530 (3.605.044)

Distributions de dividendes (449.432.077) (205.967)

Actif net à la clôture de la période 112.335.909.263 169.814.416

* Le solde à l’ouverture a été calculé à l’aide des taux de change en vigueur au 31 décembre 2019. L’Actif net, calculé à l’aide du taux de change en vigueur au 30 juin 2019 s’élevait à USD 105.144.442.810.** Les autres charges sont en majeure partie constitués des jetons de présence, des frais et commissions liés à l’audit et à la fiscalité, ainsi que des frais d’enregistrement, de publication, d’envoi postal,d’impression, de marketing et juridiques.*** Veuillez consulter la note 4a), 4b), 4d) et 4e). Dans la mesure où les coûts d’exploitation réels dépasseraient le pourcentage plafonné, le montant pris en charge par la société de gestion fera l’objetd’une comptabilisation distincte et sera déclaré en tant qu’« Exemptions de commission » dans l’état combiné de l’Actif net et dans l’état combiné des opérations et des variations de l’Actif net.

Les notes font partie intégrante de ces Etats Financiers.

24

JPMorgan FundsEtat combiné des opérations et des variations de l’Actif net (suite)


JPMorgan Funds -America

EquityFund

USD

JPMorgan Funds -ASEANEquity

Fund

USD

JPMorgan Funds -Asia

GrowthFund

USD


EquityFund

USD

JPMorgan Funds -Brazil

EquityFund

USD

JPMorgan Funds -ChinaFund

USD

JPMorgan Funds -China A-ShareOpportunities

Fund

CNH

2.021.916.987 762.240.415 475.583.051 1.023.428.468 211.844.712 1.344.087.643 1.431.704.893

13.563.417 9.091.729 4.289.798 13.500.388 2.278.069 8.262.513 8.280.122- - 71.465 71.043 - 25.332 -- - - - - - -

35.670 43.836 17.842 30.106 - 255.784 130.840- 1.564 2.017 3.079 1.049 5.314 6.289- - - - - - -

13.599.087 9.137.129 4.381.122 13.604.616 2.279.118 8.548.943 8.417.251

11.051.114 3.915.536 2.682.744 4.474.436 1.264.826 10.269.982 10.038.6551.163.272 399.916 281.614 498.576 88.984 688.919 861.193339.966 258.095 51.674 56.295 113.145 600.592 849.079308.715 468.774 307.620 447.188 119.838 486.907 1.604.575

- - - - - - -482.632 129.556 151.695 163.219 40.662 345.214 398.969114.626 72.767 40.506 58.081 56.544 117.145 486.730

- - - - - - -1.262 212 559 - - 136 91.339

151.570 52.516 40.260 56.782 53.164 227.035 284.283(49.501) (272.270) (204.040) (196.759) (103.872) (129.401) (1.550.108)

13.563.656 5.025.102 3.352.632 5.557.818 1.633.291 12.606.529 13.064.715

35.431 4.112.027 1.028.490 8.046.798 645.827 (4.057.586) (4.647.464)

78.878.696 1.834.157 1.746.759 4.521.535 17.907.453 79.969.601 16.655.205- - - - - - -- - - - - - -- - - - - - 101.793

(6.177.961) 6.262 - (121) (6.774) (23) (3.804)- - - - - - -

279.983 (266.133) 94.882 16.490 (66.813) (67.928) 381.281

72.980.718 1.574.286 1.841.641 4.537.904 17.833.866 79.901.650 17.134.475

131.304.196 (11.064.510) 64.164.253 92.456.052 (1.916.225) 125.056.946 203.919.409- - - - - - -- - - - - - -- - - - - - 107.302

834.769 - - - - - 8.282- - - - - - -

59.176 25.540 (144.833) 30.798 (13.971) (62.426) (65.904)

132.198.141 (11.038.970) 64.019.420 92.486.850 (1.930.196) 124.994.520 203.969.089

205.214.290 (5.352.657) 66.889.551 105.071.552 16.549.497 200.838.584 216.456.100

912.033.723 390.818.491 261.820.905 241.726.545 74.770.866 307.072.648 1.096.652.110(645.626.561) (305.573.765) (80.898.381) (244.142.216) (124.182.445) (403.385.672) (329.996.645)

266.407.162 85.244.726 180.922.524 (2.415.671) (49.411.579) (96.313.024) 766.655.465

(1.659.791) (200.431) (5.015) (728.159) (25.519) (1.523.136) (677.224)

2.491.878.648 841.932.053 723.390.111 1.125.356.190 178.957.111 1.447.090.067 2.414.139.234

25



JPMorgan Funds -Emerging Europe

EquityFund

EUR


DiversifiedEquity Fund

USD


DividendFund

USD


EquityFund

USD


OpportunitiesFund

USD


Small CapFund

USD


SustainableEquity Fund (1)

USD

592.391.323 312.608.074 498.137.317 7.748.024.942 3.584.192.954 1.377.284.795 -

19.426.255 4.301.302 8.713.312 48.563.302 43.959.786 16.993.988 63.420- - - - - - -- - - - - - -

9.869 7.515 16.184 330.668 118.545 168.794 -2.367 3.279 1.711 340 18.759 11.996 -1.699 - - - - - -

19.440.190 4.312.096 8.731.207 48.894.310 44.097.090 17.174.778 63.420

3.057.948 358.834 1.850.338 24.551.345 12.700.082 7.318.940 18.522294.375 119.887 250.791 3.538.219 1.838.758 683.289 -126.075 - 131.416 580.014 188.066 298.065 -316.543 201.114 304.714 2.860.656 1.365.577 788.625 -

- - - - - - -109.179 14.222 85.001 914.741 482.260 281.992 1.99969.943 12.497 83.189 189.243 130.869 92.710 20.469

- - - - - 1.786.782 -259 - 305 5.221 916 306 860

65.785 33.416 97.892 709.914 129.964 51.784 3.949(162.119) (199.106) (281.872) (1.282.096) (619.285) (388.757) (22.114)

3.877.988 540.864 2.521.774 32.067.257 16.217.207 10.913.736 23.685

15.562.202 3.771.232 6.209.433 16.827.053 27.879.883 6.261.042 39.735

10.545.872 24.496.372 241.431 144.496.003 34.956.762 17.545.858 7.840- - - - - - -- - - - - - -- 590.538 - - (769.663) 1.605.552 (15.536)

3.272 (7.883) (246.700) (3.181.223) (201.340) (3.001) (1)- - - - - - -

272.875 (172.210) (101.514) (2.233.880) (957.449) (337.003) (19.172)

10.822.019 24.906.817 (106.783) 139.080.900 33.028.310 18.811.406 (26.869)

37.272.649 (20.494.563) 28.268.432 499.190.382 278.089.853 54.782.428 1.004.617- - - - - - -- - - - - - -- - - - 411.830 134.766 -- - 163.336 (77.961) 73.097 - -- - - - - - -

2.432 (9.670) 1.581 (304.281) 3.977 20.990 767

37.275.081 (20.504.233) 28.433.349 498.808.140 278.578.757 54.938.184 1.005.384

63.659.302 8.173.816 34.535.999 654.716.093 339.486.950 80.010.632 1.018.250

62.163.448 8.616.287 57.540.610 1.325.136.514 1.095.939.623 266.068.825 37.109.315(92.050.539) (238.674.775) (46.870.719) (1.158.551.957) (848.703.937) (194.975.370) (206.925)

(29.887.091) (230.058.488) 10.669.891 166.584.557 247.235.686 71.093.455 36.902.390

(8.759.505) - (6.979.254) (17.013.007) (6.100.887) (158.559) -

617.404.029 90.723.402 536.363.953 8.552.312.585 4.164.814.703 1.528.230.323 37.920.640


26



JPMorgan Funds -Emerging

Middle EastEquity Fund

USD

JPMorgan Funds -EurolandDynamic

Fund

EUR

JPMorgan Funds -Euroland

EquityFund

EUR


DynamicFund

EUR


Small CapFund

EUR


TechnologiesFund

EUR

JPMorgan Funds -Europe Equity

Absolute AlphaFund

EUR

115.020.891 353.828.356 788.920.838 831.933.445 593.096.653 505.887.596 103.715.129

1.222.852 1.267.415 4.266.944 6.002.254 2.396.661 2.015.659 429.532- - - - - - (11.143)- - - - - - -- - - 213.059 112.898 83.231 36.121- - - - 436 118 245- - - - - - -

1.222.852 1.267.415 4.266.944 6.215.313 2.509.995 2.099.008 454.755

755.853 1.242.250 3.715.683 3.802.458 2.843.863 3.536.206 566.21953.381 128.603 436.209 395.842 296.289 255.557 49.26854.736 147.274 235.977 161.864 172.266 443.777 42.796

219.594 101.383 259.943 243.910 184.790 169.492 116.128- - - - - - -

26.238 34.588 172.537 136.482 90.549 121.160 18.29338.574 26.284 62.859 70.962 35.240 67.254 31.567

- - - - - - 391.8963.254 3.646 6.908 5.915 2.796 5.977 23.198

42.324 35.143 67.315 91.967 40.767 47.267 35.637(230.280) (64.519) (98.317) (119.412) (67.146) (78.833) (132.471)

963.674 1.654.652 4.859.114 4.789.988 3.599.414 4.567.857 1.142.531

259.178 (387.237) (592.170) 1.425.325 (1.089.419) (2.468.849) (687.776)

531.777 17.817.272 10.490.122 12.386.569 8.473.814 30.751.376 (1.486.563)- - - - - - -- - - - - - -- 376.678 72.442 1.350.541 - 834.587 -

(1.718) 22.234 308.978 2.605.135 (132) 286.645 (158.121)- - - - - - -

(7.116) 33 (10.176) 150.581 58.081 (59.080) 9.755

522.943 18.216.217 10.861.366 16.492.826 8.531.763 31.813.528 (1.634.929)

(3.312.640) 4.614.752 64.413.603 45.570.507 67.380.968 33.498.029 8.788.051- - - - - - -- - - - - - -- (23.260) (237.575) (184.021) - (38.520) -- 222 96.592 301.416 - (152.077) (154.610)- - - - - - (2.639.687)

42 (595) 2.023 15.156 2.214 (11.934) (1.055)

(3.312.598) 4.591.119 64.274.643 45.703.058 67.383.182 33.295.498 5.992.699

(2.530.477) 22.420.099 74.543.839 63.621.209 74.825.526 62.640.177 3.669.994

12.383.677 12.740.404 289.508.206 59.672.824 60.705.282 267.303.715 21.023.703(17.106.181) (145.178.004) (206.066.603) (166.684.224) (92.232.392) (262.045.996) (30.914.253)

(4.722.504) (132.437.600) 83.441.603 (107.011.400) (31.527.110) 5.257.719 (9.890.550)

(1.369.595) (243.756) (2.193.700) (1.022.503) (520.156) (144.538) (16.767)

106.398.315 243.567.099 944.712.580 787.520.751 635.874.913 573.640.954 97.477.806

27



JPMorgan Funds -EuropeEquity

Fund

EUR


Equity PlusFund

EUR


Small CapFund

EUR


Strategic GrowthFund

EUR


Strategic ValueFund

EUR



EUR

JPMorgan Funds -Europe Sustainable

Small CapEquity Fund (2)

EUR

575.154.717 2.557.998.762 729.754.266 874.638.001 2.133.139.345 235.092.611 -

5.092.818 17.273.794 4.896.749 4.572.892 27.076.189 1.589.821 75.514- - - - - - -- - - - - - -

78.983 343.247 167.527 78.316 522.905 - -- - - 129 538 - -- - - - - - 537

5.171.801 17.617.041 5.064.276 4.651.337 27.599.632 1.589.821 76.051

2.257.175 12.838.463 4.204.443 5.409.483 9.745.581 211.415 49.572302.352 1.208.084 363.373 504.238 950.172 123.213 -193.439 1.042.440 292.204 400.850 116.790 2.181 -179.284 501.558 221.817 250.185 452.403 70.488 -

- - - - - - -133.575 490.416 142.918 172.445 308.698 18.375 3.65960.885 89.892 68.591 66.572 76.603 9.779 -

- - - - - - -5.474 197.019 3.768 13.096 18.944 3.521 355

58.420 97.062 57.844 49.668 75.764 30.787 -(69.468) (63.960) (89.483) (61.840) (81.232) (51.863) (1.397)

3.121.136 16.400.974 5.265.475 6.804.697 11.663.723 417.896 52.189

2.050.665 1.216.067 (201.199) (2.153.360) 15.935.909 1.171.925 23.862

(3.556.326) 80.562.808 44.792.292 19.685.628 41.092.655 (1.240.321) (3.794)- - - - - - -- - - - - - -

(331.548) (827.468) - 1.990.086 2.322.882 100.224 -371.298 7.279.993 112.524 2.015 9.986 552 -

- - - - - - -242.053 (63.582) (250.927) 97.939 530.056 32.865 6.654

(3.274.523) 86.951.751 44.653.889 21.775.668 43.955.579 (1.106.680) 2.860

46.358.153 130.490.763 47.366.842 67.687.161 73.573.501 23.719.040 4.541.177- - - - - - -- - - - - - -

(61.733) 736.301 - (316.476) (141.235) (53.743) -(360.457) 5.200.465 (37.813) - 8.039 - -

- (52.703.509) - - - - -(360) (18.482) 9.545 (1.681) 43.745 4.647 42

45.935.603 83.705.538 47.338.574 67.369.004 73.484.050 23.669.944 4.541.219

44.711.745 171.873.356 91.791.264 86.991.312 133.375.538 23.735.189 4.567.941

85.740.169 324.611.062 75.391.506 361.155.858 171.263.653 38.704.337 141.949.370(52.898.524) (731.538.049) (216.882.781) (215.149.231) (598.097.617) (22.694.312) (1.000)

32.841.645 (406.926.987) (141.491.275) 146.006.627 (426.833.964) 16.010.025 141.948.370

(4.040.806) (1.323.605) (2.374.903) (865.406) (26.295.469) - -

648.667.301 2.321.621.526 677.679.352 1.106.770.534 1.813.385.450 274.837.825 146.516.311

(2) Ce Compartiment a été lancé le 6 décembre 2019.

28



JPMorgan Funds -GlobalEquity

Fund

USD

JPMorgan Funds -Global Emerging Markets


USD


Equity PlusFund

USD

JPMorgan Funds -GlobalFocusFund

EUR


HealthcareFund

USD


Natural ResourcesFund

EUR

JPMorgan Funds -Global Real Estate

SecuritiesFund (USD)

USD

308.217.370 63.236.799 28.593.890 1.558.202.212 2.533.996.992 815.566.337 93.030.743

1.941.571 726.399 256.693 9.843.809 9.835.705 13.617.197 1.239.121- - - - 759 - -- - - - - - -

28.969 1.738 2.658 26.419 9.063 187.965 5.6725.611 709 227 243 - 144 -

- - - - - - -

1.976.151 728.846 259.578 9.870.471 9.845.527 13.805.306 1.244.793

1.026.597 55.322 127.668 8.191.654 13.394.216 5.048.289 295.756142.355 13.306 13.792 791.289 1.248.216 379.260 47.581

79.115 - 396 731.894 1.497.521 272.038 35.633132.043 161.546 99.286 271.584 346.948 167.434 65.225

- - - - - - -57.653 3.681 5.952 323.578 509.331 163.226 12.79056.891 10.663 14.625 90.833 137.665 89.627 28.993

- - - - - - -657 - 433 627 1.291 2.098 -

45.912 32.163 32.381 75.407 222.529 111.099 33.301(111.494) (201.816) (136.312) (40.414) (69.131) (48.945) (92.893)

1.429.729 74.865 158.221 10.436.452 17.288.586 6.184.126 426.386

546.422 653.981 101.357 (565.981) (7.443.059) 7.621.180 818.407

8.348.478 919.746 (397.728) 53.947.513 107.268.475 (26.981.170) 2.917.480- - - - - - -- - - - - - -

117.880 (41.084) (60.861) - - - -(1.028.161) 1.852 77.193 (616.312) (3.800.971) 11.439 (1.040.811)

- - - - - - -4.115 7.403 17.889 449.382 (117.427) 288.401 (80.586)

7.442.312 887.917 (363.507) 53.780.583 103.350.077 (26.681.330) 1.796.083

9.683.589 1.062.205 2.240.872 96.970.838 168.121.457 25.587.151 2.330.491- - - - - - -- - - - - -

(6.560) 875 574 - - - -(167.620) - (101.293) (1.769.737) 13.754 - (160.729)

- - (97.143) - - - -22.525 3.904 753 (896) (7.670) 5.573 93.644

9.531.934 1.066.984 2.043.763 95.200.205 168.127.541 25.592.724 2.263.406

17.520.668 2.608.882 1.781.613 148.414.807 264.034.559 6.532.574 4.877.896

9.965.687 6.461.631 71.266 149.298.781 340.637.079 101.253.556 15.481.175(79.019.426) (32.545.862) (3.585.634) (228.167.067) (577.751.189) (162.636.103) (18.858.626)

(69.053.739) (26.084.231) (3.514.368) (78.868.286) (237.114.110) (61.382.547) (3.377.451)

(1.095.035) - - (718.120) (27.019) (2.473.725) (234.729)

255.589.264 39.761.450 26.861.135 1.627.030.613 2.560.890.422 758.242.639 94.296.459

29





EUR

JPMorgan Funds -Global Socially

ResponsibleFund

USD

JPMorgan Funds -Global Sustainable

EquityFund

USD


UnconstrainedEquity Fund

USD

JPMorgan Funds -Greater

ChinaFund

USD

JPMorgan Funds -IndiaFund

USD

JPMorgan Funds -Indonesia

EquityFund

USD

305.372.816 74.013.875 26.086.059 426.931.571 558.471.741 751.925.235 29.396.778

2.636.254 335.939 187.878 1.993.814 4.785.504 5.620.078 85.918- - - - 8.404 257.415 1.671- - - - - - -

28.374 3.001 - 14.032 68.847 - -482 144 385 201 - 2.444 1.289

- - - - - - -

2.665.110 339.084 188.263 2.008.047 4.862.755 5.879.937 88.878

168.797 227.649 74.742 1.539.521 3.923.306 4.820.452 68.81084.076 40.448 13.388 209.537 296.872 347.110 12.877

- 71.916 - 43.688 402.414 660.089 14.252162.842 32.653 29.666 130.562 249.225 495.138 43.315

- - - - - - -33.142 11.668 6.735 61.485 150.040 162.722 2.97531.236 17.911 6.479 45.878 71.933 78.652 13.854

- - - - - - -20.017 - - 209 123 112 11141.273 32.980 31.990 56.505 86.004 145.437 32.786

(160.332) (52.906) (61.478) (79.657) (95.454) (154.595) (79.976)

381.051 382.319 101.522 2.007.728 5.084.463 6.555.117 109.004

2.284.059 (43.235) 86.741 319 (221.708) (675.180) (20.126)

6.759.201 (150.017) (156.128) 7.275.435 29.466.332 14.798.519 279.350- - - - - - -- - - - - - -

258.481 - 28.566 - - - -(453.367) (150.275) (320) (2.465.259) (3) 24.235 -

- - - - - - -(22.677) 248 6.523 (28.842) (100.647) (86.425) 11.275

6.541.638 (300.044) (121.359) 4.781.334 29.365.682 14.736.329 290.625

26.091.745 10.146.693 2.368.598 27.949.211 67.359.989 (39.655.977) (1.051.165)- - - - - - -- - - - - - -

(12.341) - (883) - - - -263.525 (5.248) - 120.060 - - -

- - - - - - -9.110 141 411 7.418 (8.125) (8.935) (471)

26.352.039 10.141.586 2.368.126 28.076.689 67.351.864 (39.664.912) (1.051.636)

35.177.736 9.798.307 2.333.508 32.858.342 96.495.838 (25.603.763) (781.137)

107.392.943 14.190.192 26.168 9.886.160 140.856.376 36.746.998 5.709.919(78.605.988) (3.651.978) - (37.553.073) (130.438.612) (70.310.776) (10.155.060)

28.786.955 10.538.214 26.168 (27.666.913) 10.417.764 (33.563.778) (4.445.141)

(2.766.436) (56.174) - (36.046) (192.920) (48.414) -

366.571.071 94.294.222 28.445.735 432.086.954 665.192.423 692.709.280 24.170.500

30



JPMorgan Funds -JapanEquity

Fund

JPY

JPMorgan Funds -KoreaEquity

Fund

USD

JPMorgan Funds -Latin America

EquityFund

USD

JPMorgan Funds -PacificEquity

Fund

USD

JPMorgan Funds -Russia

Fund

USD

JPMorgan Funds -Taiwan

Fund

USD

JPMorgan Funds -Thematics -

GeneticTherapies (3)

USD

490.096.435.750 300.055.796 639.377.504 802.621.989 483.278.285 102.456.268 -

2.214.268.567 2.216.662 8.242.280 7.445.477 18.864.279 3.255.786 11.579- 27.602 - 53.703 - 1.840 -- - - - - - -

406.566.856 83 - 59.621 10.060 - -50.913 493 - 1.176 7.912 552 -

- - - - - - -

2.620.886.336 2.244.840 8.242.280 7.559.977 18.882.251 3.258.178 11.579

1.957.642.277 1.369.062 3.058.691 5.933.036 2.898.832 658.303 41.587253.627.976 128.054 309.858 449.033 228.232 54.548 -

19.749.161 36.377 106.641 322.636 242.161 20.275 -79.813.734 172.462 329.822 343.014 225.644 80.413 -

- - - - - - -51.914.957 47.084 104.340 226.470 98.550 24.294 15.93716.970.543 30.876 72.044 82.249 64.252 26.386 48.192

- - - - - - -4.723.776 110 421 485 - - 5.393

31.424.278 40.840 66.684 42.938 85.829 41.403 12.178(13.615.913) (132.430) (177.907) (89.530) (94.363) (89.259) (56.926)

2.402.250.789 1.692.435 3.870.594 7.310.331 3.749.137 816.363 66.361

218.635.547 552.405 4.371.686 249.646 15.133.114 2.441.815 (54.782)

(2.912.448.227) (14.674.029) 11.682.301 9.714.121 24.522.929 838.855 1.183.388- - - - - - -- - - - - - -- (21.170) - - - - -

210.523.617 (301) 23.597 (5) (621) (22) (25.355)- - - - - - -

11.132.564 (144.918) (348.174) (243.238) 23.804 153.154 133.478

(2.690.792.046) (14.840.418) 11.357.724 9.470.878 24.546.112 991.987 1.291.511

59.988.907.852 25.164.501 24.543.240 101.337.784 942.036 13.990.037 2.226.971- - - - - - -- - - - - - -- (85.792) - - - - -

65.132.760 154 - - - - 643.877- - - - - - -

14.377.578 4.911 (10.837) (114.616) (69.293) (51.114) 10.932

60.068.418.190 25.083.774 24.532.403 101.223.168 872.743 13.938.923 2.881.780

57.596.261.691 10.795.761 40.261.813 110.943.692 40.551.969 17.372.725 4.118.509

102.033.589.560 42.303.258 79.408.912 225.432.620 193.493.786 20.840.422 123.580.750(104.012.051.490) (163.848.142) (106.809.718) (86.765.136) (254.299.738) (18.269.815) (202.908)

(1.978.461.930) (121.544.884) (27.400.806) 138.667.484 (60.805.952) 2.570.607 123.377.842

(22.822.941) (54.012) (1.667.713) (292.479) (9.660.612) (706.217) -

545.691.412.570 189.252.661 650.570.798 1.051.940.686 453.363.690 121.693.383 127.496.351

(3) Ce Compartiment a été lancé le 24 octobre 2019.

31



JPMorgan Funds -US Equity

All CapFund

USD

JPMorgan Funds -US

GrowthFund

USD

JPMorgan Funds -US

Hedged EquityFund

USD

JPMorgan Funds -US Opportunistic

Long-Short EquityFund

USD

JPMorgan Funds -US Research Enhanced

Index EquityFund

USD

JPMorgan Funds -US Select

Equity PlusFund

USD

JPMorgan Funds -US Small Cap

GrowthFund

USD

1.960.316.955 437.873.367 59.998.351 475.610.097 28.434.494 3.071.383.324 335.953.876

11.564.060 1.264.198 536.151 1.012.747 194.662 17.414.114 747.931- - - 1.032.655 - - -- - - - - - -

51.170 50.346 1.086 9.421 697 58.213 79.478- 128 658 68.228 523 6.580 -- - - - - - -

11.615.230 1.314.672 537.895 2.123.051 195.882 17.478.907 827.409

4.294.973 2.499.206 240.243 1.349.294 31.914 10.328.526 1.880.682985.872 238.728 40.283 211.715 7.340 1.516.686 176.242

- 229.677 - 55.371 - 478.793 110.949264.710 128.886 44.840 143.107 30.076 488.470 84.815

- - - 240.258 - 6.878.789 -212.739 107.376 21.982 37.767 5.840 444.372 62.78127.665 83.450 11.361 41.265 8.371 102.392 49.569

- - - 1.436 - - -251 - 648 - - 1.434 -

88.139 60.445 33.178 57.467 34.479 147.668 36.028(22.826) (93.204) (60.559) (114.046) (65.611) (83.648) (37.217)

5.851.523 3.254.564 331.976 2.023.634 52.409 20.303.482 2.363.849

5.763.707 (1.939.892) 205.919 99.417 143.473 (2.824.575) (1.536.440)

61.822.683 35.001.432 577.444 14.424.689 1.026.440 87.742.339 3.503.134- - - - - - -- - (4.845.843) (1.272.121) - - -- - 182.429 (2.311.802) 32.375 1.493.740 -

(11.774.584) (3.057.888) (67.487) (7.431.725) (463.672) (14.002.937) 1.364- - - (16.013.727) - (1.919.030) -

(11.099) (20.825) (138) 206.092 (20.065) 36.002 (3.553)

50.037.000 31.922.719 (4.153.595) (12.398.594) 575.078 73.350.114 3.500.945

119.733.812 1.629.033 8.166.540 9.956.472 1.939.407 224.774.891 30.961.255- - - - - - -- - - 576.506 - - -- - 52.037 (195.313) (4.138) (142.811) -

448.313 120.493 (1.736) 346.431 (23.035) 224.572 -- - - 1.012.370 - (2.251.130) -

141.769 83.791 735 14.475 19.901 154.686 (226)

120.323.894 1.833.317 8.217.576 11.710.941 1.932.135 222.760.208 30.961.029

176.124.601 31.816.144 4.269.900 (588.236) 2.650.686 293.285.747 32.925.534

167.470.824 196.925.321 40.150.738 13.576.166 8.758.299 209.743.138 115.328.285(159.930.069) (170.550.275) (4.110.048) (111.329.433) (7.718.653) (474.608.970) (62.049.402)

7.540.755 26.375.046 36.040.690 (97.753.267) 1.039.646 (264.865.832) 53.278.883

(85.274) (25.188) - (148) - (52.161) (3.860)

2.143.897.037 496.039.369 100.308.941 377.268.446 32.124.826 3.099.751.078 422.154.433

32



JPMorgan Funds -US SmallerCompanies

Fund

USD

JPMorgan Funds -US

TechnologyFund

USD

JPMorgan Funds -US

ValueFund

USD


IncomeFund

USD

JPMorgan Funds -Total Emerging

Markets IncomeFund

USD


ConvertiblesFund (EUR)

EUR

JPMorgan Funds -Aggregate

BondFund

USD

830.693.538 1.162.346.330 1.956.255.971 2.389.174.577 233.872.030 1.258.202.897 2.990.963.260

4.162.159 2.560.958 18.636.640 23.431.666 2.480.852 330.443 -- - - 23.049.232 3.490.371 3.470.019 36.017.329- - - - - - -

30.676 193.753 10.464 263.681 12.191 566.223 67.52344.466 - - 6.917 10.512 463 136.455

- - - - - - -

4.237.301 2.754.711 18.647.104 46.751.496 5.993.926 4.367.148 36.221.307

3.862.647 8.896.313 7.772.949 16.506.917 1.865.784 5.604.994 2.875.379419.096 692.854 1.013.248 1.131.651 154.187 593.485 1.537.801

62.850 885.758 253.080 147.835 590.252 165.413 29.388151.776 208.471 290.994 829.102 279.698 267.064 657.863

- - - - - - -150.230 344.660 354.046 525.262 76.000 213.110 221.013

55.811 182.085 100.053 182.248 92.148 76.156 69.832- - - - - - -- 573 289 - 734 2.844 17.993

52.407 139.030 94.164 673.232 44.896 79.705 120.078(31.637) (44.904) (47.408) (242.823) (199.251) (90.885) (863.184)

4.723.180 11.304.840 9.831.415 19.753.424 2.904.448 6.911.886 4.666.163

(485.879) (8.550.129) 8.815.689 26.998.072 3.089.478 (2.544.738) 31.555.144

17.148.896 38.236.030 34.571.337 (25.248.027) 1.596.992 4.789.982 20.243.499- - - - - - 932.447- - - - - - -- - - - - - 6.304.106

(321.520) 300 (4.940.784) (2.898.548) (171.651) (27.049.284) 10.295.513- - - - - - (543.318)

10.520 (60.178) (133.549) (105.612) (138.534) (124.570) (27.381)

16.837.896 38.176.152 29.497.004 (28.252.187) 1.286.807 (22.383.872) 37.204.866

50.345.451 68.259.285 169.798.463 19.235.620 11.819.648 51.425.151 (12.756.855)- - - - - - (94.086)- - - - - - -- - - - - - (6.045.224)

(73.355) (4) 823.000 3.512.361 129.950 899.789 (11.517.043)- - - - - - (940.868)

2.985 (4.966) 66.964 (1.013.798) 15.384 (13.021) 160.092

50.275.081 68.254.315 170.688.427 21.734.183 11.964.982 52.311.919 (31.193.984)

66.627.098 97.880.338 209.001.120 20.480.068 16.341.267 27.383.309 37.566.026

111.637.529 861.581.812 527.574.703 385.409.047 167.523.221 92.934.985 356.912.715(115.821.443) (654.054.525) (380.246.027) (559.868.188) (41.081.377) (231.246.455) (358.466.996)

(4.183.914) 207.527.287 147.328.676 (174.459.141) 126.441.844 (138.311.470) (1.554.281)

(261.632) (245.980) (1.985.634) (44.400.035) (1.875.152) (449.735) (3.358.824)

892.875.090 1.467.507.975 2.310.600.133 2.190.795.469 374.779.989 1.146.825.001 3.023.616.181

33




Aggregate BondFund

USD


Corporate BondFund

USD


DebtFund

USD

JPMorgan Funds -Emerging MarketsInvestment Grade

Bond Fund

USD


Local CurrencyDebt Fund

USD


StrategicBond Fund

USD

JPMorgan Funds -EU Government

BondFund

EUR

717.843.102 2.239.547.064 2.709.732.984 563.172.837 2.060.642.921 1.233.796.099 1.129.710.917

361.253 367.682 917.547 228.020 526.936 87.904 -18.371.848 55.360.527 77.688.618 12.316.894 62.001.230 32.477.457 9.032.270

- - 3.624 - 1.743.673 63.194 -35.103 145.706 204.119 34.572 12.842 45.807 1.410

44.862 27.243 21.449 2.462 248.167 119.718 1.4353.781 53.659 - - - 5.117 -

18.816.847 55.954.817 78.835.357 12.581.948 64.532.848 32.799.197 9.035.115

113.896 6.958.179 9.466.850 1.151.550 6.191.830 3.927.221 1.653.148370.118 1.093.368 1.446.718 296.052 1.056.278 565.276 624.629

- 435.218 232.740 8.048 707.020 1.213.052 113.496233.125 561.300 799.223 238.768 1.580.486 571.658 336.869219.589 - - - 2.633.795 799.135 -35.999 375.047 424.639 55.885 315.489 150.289 216.680

5.816 147.984 179.320 51.571 145.444 81.138 47.034- - - - - 1.537.571 -

481 2.659 48.988 325 180.941 58.137 57.91942.293 164.131 346.603 58.471 242.995 76.905 39.236

(317.233) (221.614) (340.045) (168.300) (999.901) (312.210) (346.144)

704.084 9.516.272 12.605.036 1.692.370 12.054.377 8.668.172 2.742.867

18.112.763 46.438.545 66.230.321 10.889.578 52.478.471 24.131.025 6.292.248

7.551.884 1.777.615 22.588.403 6.520.309 (39.162.158) 19.861.208 17.342.553- - - - - - -

65.700 - - - 435.485 356.335 -(1.341.627) (1.553.127) (2.702.453) (330.104) (1.645.702) (720.423) (245.949)10.797.056 (24.339.436) (32.215.810) (12.408.216) (21.694.674) (30.873.703) -

128.464 - (215.107) - 10.022.192 5.172.274 55.958(108.849) (222.528) 1.421.564 128.000 (2.601.996) 70.605 (9.586)

17.092.628 (24.337.476) (11.123.403) (6.090.011) (54.646.853) (6.133.704) 17.142.976

(1.439.516) 20.281.616 (12.973.242) 6.705.545 80.742.145 1.385.429 (15.308.189)- - - - - - -

819 - - - (3.581.798) (2.199.030) -59.880 231.843 46.336 65.188 9.966 42.974 (1.047.425)

11.324.851 (932.602) 3.049.057 959.444 11.373.998 (2.957.962) -(948.496) - 126.806 - (5.777.544) (4.105.544) -

(13.314) (150.277) (920.625) 137.790 335.311 681.229 (2.502)

8.984.224 19.430.580 (10.671.668) 7.867.967 83.102.078 (7.152.904) (16.358.116)

44.189.615 41.531.649 44.435.250 12.667.534 80.933.696 10.844.417 7.077.108

37.780.280 542.280.998 1.063.195.430 264.319.972 614.692.780 95.183.066 506.177.599(6.228.478) (690.221.818) (691.097.699) (197.326.197) (497.311.099) (237.765.349) (399.071.662)

31.551.802 (147.940.820) 372.097.731 66.993.775 117.381.681 (142.582.283) 107.105.937

- (22.190.193) (43.036.465) (11.370.801) (41.550.447) (9.409.958) (46.415)

793.584.519 2.110.947.700 3.083.229.500 631.463.345 2.217.407.851 1.092.648.275 1.243.847.547

34



JPMorgan Funds -Euro

Aggregate BondFund

EUR

JPMorgan Funds -Euro

Corporate BondFund

EUR

JPMorgan Funds -Euro Government


EUR


High YieldBond Fund

EUR



EUR

JPMorgan Funds -Financials

BondFund

EUR

JPMorgan Funds -Flexible

CreditFund

USD

25.075.666 135.707.845 193.604.107 666.631.630 163.960.609 355.009.647 529.314.505

- - - - - - 28.990246.771 1.142.668 1.231.112 12.267.406 3.086.004 6.120.572 9.603.944

- - - - - - 118.527729 811 1.325 190.845 39.834 1.759 20.077

- 110 - - - 879 58.765- - - - - - -

247.500 1.143.589 1.232.437 12.458.251 3.125.838 6.123.210 9.830.303

103.183 343.524 339.622 1.760.611 336.714 1.451.829 2.029.02015.222 70.112 120.579 312.641 78.581 178.382 260.92318.423 111.793 6.377 647.465 146.167 657.439 887.33726.299 55.877 71.359 201.619 53.169 114.578 219.222

- 2.172 - - - - 320.0027.480 18.470 52.942 112.397 18.780 87.048 113.862

11.904 12.285 25.051 48.738 23.792 26.436 38.066- - - - - - -

2.150 2.231 10.346 8.546 5.304 3.731 2.72329.428 29.843 34.022 49.686 34.921 31.580 43.988

(60.435) (82.974) (133.095) (203.317) (97.789) (81.564) (165.968)

153.654 563.333 527.203 2.938.386 599.639 2.469.459 3.749.175

93.846 580.256 705.234 9.519.865 2.526.199 3.653.751 6.081.128

59.806 584.856 (1.611.875) 3.701.752 (1.298.681) 4.358.884 (1.891.039)- - - - - - -- - - - - - (588.728)

6.026 75.648 240.065 - - (41.093) 5.545- 823 - (804.820) (87.084) (7.803.344) (10.869.628)- (18.582) - - - - (1.515.285)

(4) 769 (7) (9.061) 701 (94.657) 107.975

65.828 643.514 (1.371.817) 2.887.871 (1.385.064) (3.580.210) (14.751.160)

(171.140) (680.546) (163.141) 2.598.853 13.485 8.602.137 7.988.848- - - - - - -- - - - - - 83.902

11.160 (9.565) 26.439 - - 111.430 (126.509)- (823) - (211.937) (48.002) (1.062.439) (121.670)- 14.520 - - - - 1.285.399

29 254 (6) 55.377 10.438 243.531 (6.455)

(159.951) (676.160) (136.708) 2.442.293 (24.079) 7.894.659 9.103.515

(277) 547.610 (803.291) 14.850.029 1.117.056 7.968.200 433.483

8.234.169 16.445.615 125.167.862 76.356.799 12.839.675 35.332.933 89.549.281(1.761.249) (12.406.917) (48.699.747) (159.826.120) (26.204.522) (42.517.736) (64.150.156)

6.472.920 4.038.698 76.468.115 (83.469.321) (13.364.847) (7.184.803) 25.399.125

(8.648) - (5.092) (5.832.575) (901.481) (6.584.876) (8.722.170)

31.539.661 140.294.153 269.263.839 592.179.763 150.811.337 349.208.168 546.424.943

35




Absolute ReturnBond Fund (4)

USD


Aggregate BondFund

USD


OpportunitiesFund

USD


OpportunitiesSustainable Fund (5)

USD

JPMorgan Funds -Global Corporate Bond

Duration-HedgedFund

USD


Corporate BondFund

USD


Government BondFund

EUR

79.388.611 343.575.356 5.140.113.273 - 128.061.741 4.456.619.411 1.557.516.901

10.070 - 1.330.379 51.321 33.710 2.106.092 -209.222 3.436.969 113.210.052 1.780.619 1.842.109 70.367.649 11.355.081

31.716 - - - - - -58 4.167 493.189 - 562 182.306 907

18.542 13.621 636.658 2.344 13.375 105.603 18.241- - 3.138 - - - -

269.608 3.454.757 115.673.416 1.834.284 1.889.756 72.761.650 11.374.229

14.666 127.826 21.097.401 306.209 285.321 10.799.121 1.620.73529.386 164.202 2.475.157 - 62.081 2.426.768 806.710

2.124 17.903 5.276.874 - 12.004 1.274.273 41.42149.432 126.507 1.144.120 - 73.174 845.677 410.78754.180 - 12.041.310 230.643 5.684 140.928 -

2.301 21.026 1.193.354 9.828 28.195 744.211 194.91613.157 13.803 265.354 559 19.917 182.848 44.829

- - - - - - -1.444 2.305 44.624 1.747 1.325 11.732 57.664

28.662 34.186 528.793 6.132 35.671 436.082 96.547(94.327) (179.155) (940.481) (2.997) (122.246) (1.079.508) (467.668)

101.025 328.603 43.126.506 552.121 401.126 15.782.132 2.805.941

168.583 3.126.154 72.546.910 1.282.163 1.488.630 56.979.518 8.568.288

1.195.513 4.659.733 25.304.412 102.123 1.997.433 45.966.400 38.818.37078.998 119.378 - - - - -

1.051 - - - - - -(566.751) 1.118.706 5.724.740 237.315 (86.859) 1.026.355 (439.970)

36.330 410.285 (45.388.555) 5.684.591 (652.473) (8.796.968) 3.663.299(189.061) (27.217) 26.971.369 2.181.603 (170.273) (5.410.045) (387.345)

(13.140) (27.016) (1.118.163) (11.237) (10.551) (133.161) (234.806)

542.940 6.253.869 11.493.803 8.194.395 1.077.277 32.652.581 41.419.548

(837.260) (3.460.484) (1.286.949) 4.231.805 359.189 40.779.394 (26.678.274)- (18.740) - - - - -

11.718 - - - - - -(317.997) (813.414) 2.442.955 124.053 (42.599) 8.571 (430.893)

98.860 (779.646) (14.634.719) 5.510.387 (607.350) 9.207.218 1.097.119295.695 (109.215) (38.807.733) (2.223.215) 86.653 2.286.312 (998.937)

(850) 8.892 373.071 44.037 51.181 1.926.456 (19.613)

(749.834) (5.172.607) (51.913.375) 7.687.067 (152.926) 54.207.951 (27.030.598)

(38.311) 4.207.416 32.127.338 17.163.625 2.412.981 143.840.050 22.957.238

106.048 70.716.414 2.206.307.269 375.111.803 19.212.235 1.559.313.602 339.760.436(79.222.158) (79.262.963) (1.723.112.332) (1) (34.313.440) (855.817.752) (459.609.184)

(79.116.110) (8.546.549) 483.194.937 375.111.802 (15.101.205) 703.495.850 (119.848.748)

(234.190) (307.184) (47.625.284) - (2.568) (29.809.790) (523.204)

- 338.929.039 5.607.810.264 392.275.427 115.370.949 5.274.145.521 1.460.102.187

(4) Ce Compartiment a été liquidé le 22 novembre 2019.(5) Ce Compartiment a été lancé le 8 novembre 2019.

36



JPMorgan Funds -Global Government


EUR



USD


Strategic BondFund

USD

JPMorgan Funds -Income

Fund

USD

JPMorgan Funds -ManagedReserves

Fund

USD

127.411.397 686.591.732 1.324.669.580 678.650.989 4.649.231.719

- - 418.521 1.774.100 1.407.118544.651 6.796.519 25.261.310 33.424.296 49.060.116

- - - - -186 12.148 57.638 6.984 -361 17.005 144.201 142.181 248

- 981 - - -

545.198 6.826.653 25.881.670 35.347.561 50.467.482

148.400 1.205.072 5.593.666 6.186.982 4.395.48651.386 345.330 699.576 646.446 2.072.602

2.518 22.671 1.044.351 727.564 -50.148 243.706 428.342 367.692 603.016

- - 621.131 186.497 -23.916 99.957 286.518 386.426 816.04021.440 52.751 113.919 92.360 65.071

- - 209.728 - -3.882 5.614 8.736 151 3.188

31.750 61.486 120.489 215.719 258.040(101.769) (308.365) (456.670) (465.206) (1.838.033)

231.671 1.728.222 8.669.786 8.344.631 6.375.410

313.527 5.098.431 17.211.884 27.002.930 44.092.072

2.218.006 (1.111.275) 2.923.952 4.122.825 13.627.684- - - - -- - - 19.612 -

49.103 (200.834) (11.071.701) 4.347.106 -(132.042) (5.238.273) (21.302.508) (15.256.433) (3.844.569)

- - (3.800.365) (5.965.164) -196.397 217.018 (842.270) (536.575) (1.133.755)

2.331.464 (6.333.364) (34.092.892) (13.268.629) 8.649.360

(1.695.492) 52.633 4.205.005 11.524.035 (9.033.410)- - - - -- - - 319.375 -

26.890 56.356 8.561.755 185.952 -(159.972) (1.015.003) (2.405.146) 9.027.114 1.003.564

- - 3.897.903 (1.100.036) -(2.011) 111.721 204.384 224.626 (8.774)

(1.830.585) (794.293) 14.463.901 20.181.066 (8.038.620)

814.406 (2.029.226) (2.417.107) 33.915.367 44.702.812

43.294.637 135.929.717 450.115.853 1.855.731.783 2.123.509.138(63.617.283) (172.856.053) (285.020.504) (330.367.381) (2.889.801.875)

(20.322.646) (36.926.336) 165.095.349 1.525.364.402 (766.292.737)

(86.137) (649.453) (3.721.076) (17.845.711) (2.890.727)

107.817.020 646.986.717 1.483.626.746 2.220.085.047 3.924.751.067

37



JPMorgan Funds -Quantitative

Flexible BondFund

USD


BondFund

GBP


Managed ReservesFund

GBP

JPMorgan Funds -US

Aggregate BondFund

USD

JPMorgan Funds -US

Corporate BondFund (6)

USD

JPMorgan Funds -US High Yield Plus

BondFund

USD

JPMorgan Funds -US Short Duration

BondFund

USD

30.653.121 59.206.289 75.372.053 3.508.854.521 33.935.019 159.698.572 835.199.200

32.621 - 11.661 1.811.458 13.350 92.727 82.000401.553 1.129.993 778.963 56.688.728 491.264 4.923.262 11.077.438

19.397 10.109 - - - - -- 899 - 63 137 33.185 -

10.543 6.407 - 1.854 2.507 134 408- - - - - - -

464.114 1.147.408 790.624 58.502.103 507.258 5.049.308 11.159.846

134 285.832 13.901 10.159.900 78.888 468.216 1.364.84515.384 31.587 36.755 1.860.783 14.401 83.140 398.470

- 58.949 - 492.419 6.656 75.221 118.92955.641 36.716 23.139 597.379 36.580 84.884 214.476

- - - - - - -4.236 14.422 3.215 596.973 4.134 29.754 159.78111.116 16.247 6.911 176.138 12.286 37.403 32.779

- - - - - - -2.364 2.608 - 541 488 - -

32.886 26.141 26.052 308.154 32.984 53.531 47.275(106.864) (62.434) (74.210) (778.598) (76.317) (151.497) (249.466)

14.897 410.068 35.763 13.413.689 110.100 680.652 2.087.089

449.217 737.340 754.861 45.088.414 397.158 4.368.656 9.072.757

62.725 1.113.161 (459.356) 16.814.227 2.158.188 (266.845) 4.357.322- - - - - - -- - - - - - -

(198.443) 30.656 - - 1.014 - (2.188)(30.194) 64.319 169.754 (25.709.737) 80.823 (2.184.738) (2.447.278)

(155.576) 470.127 - - - - -(2.834) (4.459) 19.787 (164.403) (3.944) (3.368) 258.045

(324.322) 1.673.804 (269.815) (9.059.913) 2.236.081 (2.454.951) 2.165.901

(3.738) 197.934 (157.462) 16.154.998 (1.419.564) 1.890.465 (3.752.439)- - - - - - -- - - - - - -

18.806 (28.466) - - 20.988 - 81.399(90.354) 30.337 85.199 2.127 (122.142) (60.646) 578.952166.625 (487.416) - - - - -

2.278 (38.689) (6.940) 277.232 (3.198) 22.737 38.611

93.617 (326.300) (79.203) 16.434.357 (1.523.916) 1.852.556 (3.053.477)

218.512 2.084.844 405.843 52.462.858 1.109.323 3.766.261 8.185.181

- 23.145.431 9.440.127 1.479.462.686 2.891.832 62.122.855 173.269.379(240.449) (26.651.982) (29.072.662) (1.270.456.779) (37.936.148) (58.971.293) (242.947.841)

(240.449) (3.506.551) (19.632.535) 209.005.907 (35.044.316) 3.151.562 (69.678.462)

- (310.159) (26.074) (10.465.186) (26) (3.193.805) (248.798)

30.631.184 57.474.423 56.119.287 3.759.858.100 - 163.422.590 773.457.121

(6) Ce Compartiment a été liquidé le 3 décembre 2019.

38



JPMorgan Funds -EUR

Money Market